New data from Coinglass, a crypto intelligence platform, shows that around 10,000 Bitcoins (BTC) have left the US-based crypto exchange Coinbase in the past seven days. Continue reading Kriptokoin.com for details.
What does Bitcoin streaming traffic mean?
Coinglass shows Coinbase Pro users collectively pulling in 9,951 BTC worth $467.28 million in the last week alone, as Bitcoin continues to struggle below the $50,000 level. The analytics firm also shows that Seychelles-based digital asset exchange OKEx recorded 2,196 BTC outflows worth $103.12 million in the same timeframe. OKEx users have withdrawn 748 BTC worth $35.12 million in the last 24 hours.
Coinbase and OKEx are seeing significant decreases in their Bitcoin balances, while Binance and Bitfinex are seeing increases in BTC inflows. Coinglass shows that users of global crypto exchange Binance deposited 10,880 BTC worth $510.94 million in just one week. Meanwhile, digital asset exchange Bitfinex saw its Bitcoin balance increase by 3,505 BTC ($164.33 million) over the same period. Taking into account net inflows and outflows, Coinglass reported that the total Bitcoin balance across all crypto exchanges has increased by 14,166 BTC ($664 million) over the past seven days.
While the amount of BTC stored on digital asset exchanges has seen a modest increase this week, Coinglass reveals that the metric of Bitcoin balances across all exchanges continues to trend downward. Data from Coinglass shows that crypto exchanges currently hold 1.76 million BTC, down about 17% from the 2.1 million Bitcoin balance in February 2021.
Popular Blockchain analyst Willy Woo says that Bitcoin is undergoing a trend of massive supply transfers from whales or assets holding 1,000 BTC or more to shrimp or those holding less than one BTC:
Whales currently hold 24% of the supply. Holgs as of January 1 in previous years: 2021 – 27%, 2020 – 27%, 2019 – 29%, 2018 – 32%, 2017 – 39%, 2016 – 44%, 2015 – 46%, 2014 – 48%, 2013 – 52%, 2012 – 54%. Shrimps are buying the bottoms, whales are slowly disappearing as usual. (BTC gets a better distribution every year through this process).